Hong Kong residents are flocking to jewelry shops to buy and sell gold after the precious metal reached a record-high price this week.
Gold has surged over 10 percent globally this year, hitting a record of US$2,942.70 per ounce (28.3 grams) on Tuesday. This follows a 26 percent increase last year, marking the biggest annual gain in 14 years.
In Hong Kong, the price of gold has risen accordingly, reaching HK$27,040 per tael (US$3,466 for 37.9 grams) on Tuesday, which is 35 percent higher than at the start of last year.
This price surge is benefiting local jewelry shops. Fook Tai Jewellery Group, which operates seven retail locations in Hong Kong, has seen a rush of customers, with most looking to sell their gold, though some are also purchasing. Many jewelry stores in the city offer customers the option to exchange their gold jewelry for cash or other products.
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